Social media is a collective term for websites and applications that focus on communication, community-based input, interaction, content-sharing and collaboration.

People use social media to stay in touch and interact with friends, family and various communities. Businesses use social applications to market and promote their products and track customer concerns.

Business-to-consumer websites include social components, such as comment fields for users. Various tools help businesses track, measure and analyze the attention the company gets from social media, including brand perception and customer insight.

Social media has enormous traction globally. Mobile applications make these platforms easily accessible. Some popular examples of general social media platforms include Twitter, Facebook and LinkedIn.

What are the business applications of social media?

In business, social media is used to market products, promote brands, connect to customers and foster new business. As a communication platform, social media promotes customer feedback and makes it easy for customers to share their experiences with a company. Businesses can respond quickly to positive and negative feedback, address customer problems and maintain or rebuild customer confidence.

Social media is also used for crowdsourcing. That's the practice of using social networking to gather knowledge, goods or services. Companies use crowdsourcing to get ideas from employees, customers and the general public for improving products or developing future products or services.

What are the different types of social media?

The four main categories of social platforms are these:

Social networks. People use these networks to connect with one another and share information, thoughts and ideas. The focus of these networks is usually on the user. User profiles help participants identify other users with common interests or concerns. Facebook and LinkedIn are good examples.

Media-sharing networks. These networks focus is on content. For example, on YouTube, interaction is around videos that users create. Other media-sharing networks are TikTok and Instagram. Streaming platforms like Twitch are considered a subset of this category.

Community-based networks. The focus of this type of social network is in-depth discussion, much like a blog forum. Users leave prompts for discussion that spiral into detailed comment threads. Communities often form around select topics. Reddit is an example of a community-based network.

Review board networks. With these networks, the focus is on a review, usually of a product or service. For example, on Yelp, users can write reviews on restaurants and endorse each other's reviews to boost visibility.

It is important for companies to have a social media strategy and establish social media goals. These help to build trust, educate their target audience and create brand awareness. They also enable real people to find and learn about a business.